A Country Gone Bankrupt - What Will Be Its Future And How Must That Affect You?
It seems like a peculiar paradox. It's the most powerful country the world has ever witnessed - militarily, at least. Yet its weakness economically is turning up in all kinds of places. Stubbornly high unemployment. Zombie financial institutions. A shaky stock market. Terrible foreclosure statistics. And debt - both private and public - out the wazoo, in numbers we can't even apprehend. Can the two exist together? A powerhouse military along with a deteriorating economy? Not likely. In fact the question could be posed, why hasn't the whole thing collapsed already?
Certainly, the U. S. government is bankrupt. There can be no way it might fulfill its guarantees to future generations of Americans regarding health care and old-age retirement benefits, let alone maintain its armed forces presence around the globe. And I've not yet mentioned the cost of servicing the nation's debt - never mind paying some of it back which is not even on the radar screen. When I said the government can't do it, I meant that. Not even by raising taxes.
It truly is bankrupt and it sustains itself by its ability (until now) to borrow from foreign governments as well as to create money out of nothing to make payments on its obligations. Once the first has gone, the second will go, as people say, "to the moon." The consequences of practically limitless money printing by the Federal Reserve to meet the funding requirements of the central government is going to be devastating. Prepare for it like your future will depend on it, because it really does.
If you are planning your retirement centered on the supposition that you'll receive the same government benefits in your senior years that your parents did, you're in for one horrible disappointment. For you, and millions just like you, retirement is going to be repealed.
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